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Question
What do you understand by a sole proprietorship firm?
Answer in Brief
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Solution
In a sole proprietorship form of business, the business is owned, managed and controlled by a single individual who is known as the sole proprietor. As the sole owner of the business, the proprietor becomes the single recipient of all the profits earned by the business and, in the same way, has to bear all losses.
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Concept of Sole Proprietorship Or Sole Trader
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RELATED QUESTIONS
| Group'A' | Group 'B' | ||
| a | Sole trader | 1 | Insurable interest |
| b | Life insurance | 2 | Branch of Social Science |
| c | Business ethics | 3 | Local market |
| d | Henry Fayol | 4 | Father of scientific management |
| e |
Planning |
5 | Principle of indemnity |
| 6 | Father of modern management | ||
| 7 | Primary function of management | ||
| 8 | To earn profit | ||
| 9 | Last function of management | ||
| 10 | National market |
Features of sole trading concern.
‘One man show’ type of business organization.
Distinguish between Proprietorship and Joint Hindu Family Firm.
Sole trading concern and Partnership firm .
Sole Trading Concern and Partnership
Select the proper option from the options given below and rewrite the completed sentence.
A sole proprietorship has ________ owner/owners.
Match the correct pairs.
Write short notes on the following.
Features of a proprietorship
State Whether the Following Statement Are True Or False (Give Reason)
Business secrecy cannot be maintained in a Sole Trading Concern.
State Whether the Following Statement Are True Or False (Give Reason)
Sole Trading Concern is convenient and suitable when the market of goods is local.
Despite limitations of size and resources, many people continue to prefer sole proprietorship over other forms of organisation. Why?
The structure in which there is a separation of ownership and management is called
In a cooperative society, the principle followed is
The board of directors of a joint-stock company is elected by ______.
The Head of the joint Hindu family business is called
Define sole proprietorship.
